As Brics leaders meet in New Delhi, domestic instant payments systems like India’s UPI and Brazil’s Pix are gaining traction, handling over $10tn in transactions across the 11-member bloc in the past 18 months. UPI has more than 550mn users and Pix over 170mn, both government-backed and card-independent. Prime Minister Narendra Modi emphasized connecting Indian users and traders globally during UPI’s tenth-anniversary speech.

Despite ambitions to rival the US dollar, Brics remains a fragmented monetary bloc due to incompatible currencies and capital controls, making cross-border conversion difficult without routing through US dollars. Still, systems like UPI and Pix are exploring links with central banks overseas, including the European Central Bank’s TIPS platform and Singapore’s payments system. Pix processed $6. processed $6.8tn in payments last year, while UPI handled $3.4tn in the year to end-March.

Interest in accepting UPI has emerged from the UAE to Sri Lanka, and EBANX’s João Del Valle noted global firms like Google, Meta, and Netflix must accept local methods in Brazil. Discussions on integrating payment systems within Brics are still incipient but aim to facilitate cooperation in local currencies.